August 3, 2008 - Sales of new and re-sale condominiums fell yet again in the city of Chicago.  According to July sales data from the MLS, sales of condos plummeted by 28 percent from the same month last year.  However, despite lower sales of the most expensive units around the city, the average sales price managed to increase slightly during the month.

A total of 1,510 condominiums and lofts were sold in the city of Chicago in July, down from 2,109 units sold during the same month last year.  Sales on both extremes of the market fell during the month.  A total of just 30 units priced over $1 million were sold in the city in July, down from 35 units sold in July 2007.  On the low end of the market, 353 condominiums were sold for less than $250,000 during the month, down from 579 units sold in the same price range last year.

The overall average sales price for condos sold during July rose to $384,074, up 5 percent from $366,665 a year ago.  However, for neighborhoods south of downtown the story is very different.  The average sales price for condos sold in areas in the southern half of the city was down by just over 9 percent, reaching $207,259.

While we’ve reported on declining sales around the city during the past few months, this is the first month we’ve seen a drop in sales for even the most expensive Chicago Condominiums.

Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Chicago Condo Sales July

This entry was posted on Sunday, August 3rd, 2008 at 5:14 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.